All Forum Posts by: Account Closed

I remember coming across that thread a few years ago (looks like 2010). It was shocking to me and I keep that lesson in my head going forward with my investments.

There is nothing wrong with wholesaling. However a lot of wholesalers push deals where the numbers do not work, inflate ARV and underestimate repair costs. The problem is wholesaling has a low barrier to entry. All books and gurus tell you to start there with "no money down". Unfortunately, however, to be a good wholesaler, you must know rehab costs, and your local market as good as your buyers. It is arrogant and foolish of new wholesalers to expect to know this right off the bat as it takes years to learn. Not saying it can't be done, as I'm friends with some wholesalers in my market who make great money. The best wholesalers actively are involved in REIAs, seek out experienced investors to learn from, and market consistently.

Why are you interested in quotes instead of per ft prices? Do you understand how to calculate it? If so, I'd start bringing a tape with me to look at houses if the problem is you can not visualize 30 sq ft of granite. I'll also note, I get skeptical anytime a new guy tries to give me a price instead of a per ft quote. To me that's for retail customers. As an investor, I like to know my costs and pay per square, per sq ft, linear ft, etc. and obviously, nobody is going to be able to give a realistic price without knowing dimensions. Depending on size, I've paid between 1,200 to 3,500.

I wouldn't be happy until the check clears. I only accept money orders from my tenants. If you need a few thousand quick, have you considered a cash advance on a credit card? I would assume you have good credit if you have a few mortgages. Check to see if you've been offered anything lately from your credit card companies. You can usually pull a few thousand interest free or very little interest for a year.

I hate to sound cynical, but you probably have a waiting list of tenants because they want to stick you with their heating and hot water costs. I had a 10 unit building and a duplex where I paid water. I had waiting lists of tenants also. They loved washing their cars, having their friends come over and do laundry instead of paying at the laundromat, etc. this is one of those things that may have to be learned from experience owning this building (and I don't know your class of tenants), but for my area and tenant class, it would be a mistake to pay to repipe the property and not set if up for separate meters in the future as tenants move out. I hope I'm wrong for your sake, but after learning tenants and their behavior the last few years, I sadly don't think I am. Good luck

Jon I like that idea.. I'm actually having the opposite problem.. Getting all invoices in on time so I can pay them this year.. Grrrr.. It's a challenge

yes I'm a member.. I usually work the front table so if you come, you'll have to pay me the money :). Hope to see y'all there

thanks for all ideas.. I currently do a solo 401k and HSA. Can the truck be an SUV over 6000 pounds? Do I recapture this depreciation if I sell? Thanks

I currently build specs and flip houses out of an s corp and hold my rentals in an LLC. I appreciate the c corp advice Steven, and that may be something I look to for next year. Can I have a few c corps partner with each other ? Or does that become too cumbersome? And yes, I need a new truck anyways so it may be a good idea to go ahead on it. However I can't see myself ever buying new. Do you get the same deductions for a used?

Any ideas? Would it be a good idea to buy a new truck this year? Any other ideas to get big deductions for 2013? @Steven Hamilton II

, anyone else?

Thanks Shaine. Shuler was quick, fair and took care of the issues.